Crude oil prices drop under $76/bbl as global energy rates ease towards pre-war levels; gold down 1%

Crude oil prices in the global market dropped under $76 per barrel (bbl) during the early market hours on Wednesday, June 24, as investors focused on the global energy prices easing towards their pre-war levels backed by the progress of final peace deal negotiations between the United States and Iran.

During the early market hours on June 24, Brent futures dropped to $75.97 per bbl due to the positive sentiment around the peace deal and the supply chain normalisation via the Strait of Hormuz.

Latest media reports suggest that the maritime oil trade traffic is closing in on normalising to its pre-war levels, as both have an active agreement (MoU) to ensure free trade of oil via the key passage.

However, concerns remain on the timeline of the final peace agreement as the US and Iran have 60 days from the agreed MoU to come up with the final West Asia deal.

Oil prices today

At 7:42 am (IST), the Brent crude oil prices were trading 0.51% lower at $76.41 per bbl after the energy prices hit their intraday low in early Wednesday’s market, compared to $76.80 per bbl at the previous market close, Investing.com data showed.

Oil prices have eased to near their pre-war levels, falling to more than a three-month low on Wednesday’s market. The oil prices were at their lowest level since March 2, 2026.

Historical data showed that the crude oil prices surged after the first US attack on Iran back on Saturday, February 28, 2026, and as soon as markets re-opened on Monday, the commodity prices skyrocketed from $71 per bbl pre-war levels.

Meanwhile, the West Texas Intermediate (WTI) crude oil prices were down 0.52% at $72.83 per bbl on Wednesday’s market, compared to $73.21 per bbl at the previous market close, as per the exchange data.

West Asia conflict update

On Tuesday evening, President Donald Trump dismissed claims about Iran saying that there is no visit scheduled for the International Atomic Energy Agency. Trump reiterated that the agency will be sending inspectors on the ground in Iran, but in due time, as there is “no rush” for the same.

“They told us inside, and we have it down 100%,” said Trump, according to a CNN report. “And if they were right, I’d cancel the meetings right now,” he said.

Earlier on Tuesday, Trump claimed that Iran has agreed to nuclear inspections; however, Iran has denied making any commitments regarding the same. The MoU between Iran and the United States highlights that Iran has agreed to give up on its nuclear ambitions in exchange for the Western nations lifting sanctions.

Amid the ongoing negotiations between Iran and the US, a fresh round of talks between Israel and Lebanon is happening in the United States to end the attacks between Iran-backd Hezbollah and Israel.

Gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 1% lower at $4,107.90 per ounce as of 9:47 pm (ET) in the United States on Tuesday evening, compared to $4,149.40 per ounce at the previous commodity market close.

Although gold prices have risen over 20% in the last one year, the precious metal rates were trading 6% lower in the last five market sessions, and 9.3% down in the past one month, as per the exchange data.

Gold was trading lower on Wednesday morning hours, India time, due to the elevated rate of the benchmark US dollar. Traders are likely to buy less quantity of gold at a higher dollar rate in the market, hence weighing down the demand for the precious metal.

Data collected from the Bloomberg US dollar spot index showed that the greenback was trading flat at 101.42 as of 9:49 am (ET) on Tuesday evening, compared to the previous currency market close levels.